MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	SOCIEDAD TEXTIL LONIA SA.
Registered Office :	Pque. Empresarial Pereiro De Aguiar, S/N Ourense 32900, Orense Pr
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	24.06.1997
Legal Form :	Public Limited Company
Line of Business :	· Engaged in Designing, Manufacturing and Sale of textile products and accessories in general. · Engaged in Manufacturing wearing apparel, except fur apparel
No of Employees :	1828 (2014)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

Spain ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:	SOCIEDAD TEXTIL LONIA SA.
NIF / Fiscal code:	A32226003
Status:	ACTIVE
Incorporation Date:	24/06/1997
Legal Form :	Public Limited Company
Register Data	Register Section 8 Sheet 5680
Last Publication in BORME:	30/08/2013 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	18.030.000
Localization:	PQUE. EMPRESARIAL PEREIRO DE AGUIAR, S/N - OURENSE - 32900 – ORENSE Pr
Telephone - Fax - Email - Website:	Ph.:. 988519444   Email. atencionclientepg@stlonia.com Website. www.purificaciongarcia.es
Number of Branches	5
Activity:
NACE:	1419 - Manufacture of wearing apparel, except fur apparel
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	47 for a total cost of 40963267
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :
			Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments			Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies			None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)			None	0	---
Proceedings heard by the Civil Court			Unpublished	0	---
Proceedings heard by the Labour Court			Unpublished	0	---

Partners:
OTRAS PERSONAS FISICAS DE SOCIEDAD TEXTIL LONIA, S.A.	75 %
SOFIDIV, S.A.	25 %

Shares:	11
Other Links:	1
No. of Active Corporate Bodies:

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees NO
INVESTIGATION SUMMARY
Company constituted in June 1997, dedicated to design, manufacture and sale of textile products and accessories in general. There are 1,828 employees in charge of the company together with the holder. It has 78 stores. We consider that it can be related in usual lending operations.

Identification
Social Denomination:	SOCIEDAD TEXTIL LONIA SA.
NIF / Fiscal code:	A32226003
Corporate Status:	ACTIVE
Start of activity:	1997
Registered Office:	PQUE. EMPRESARIAL PEREIRO DE AGUIAR, S/N
Locality:	OURENSE
Province:	ORENSE
Postal Code:	32900
Telephone:	988519444
Fax:	988519494
Website:	www.purificaciongarcia.es
Email:	atencionclientepg@stlonia.com
Interviewed Person:	Administración, escasos datos.

Branch Offices

Address	Postal Code	City	Province
CALLE SERRANO, 16	28001	MADRID	MADRID
CALLE SALAMANCA, 1	18001	GRANADA	GRANADA
AVENIDA DE EUROPA, 10	28108	MADRID	MADRID
CALLE CLAUDIO COELLO, 93	28006	MADRID	MADRID
CALLE ADOLFO BIOY CASARES, 2	28051	MADRID	MADRID

Activity

NACE:	1419
Additional Information:	Design, manufacture and sale of textile products and accessories in general.
Additional Address:	Headquarters, offices, and other units. It has 78 branches, mainly in Madrid and Valencia.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	1828

Chronological Summary

Year	Act
1997	Appointments/ Re-elections (1) Change of Social Denomination (1) Company Formation (1) Statutory Modifications (1)
1998	Accounts deposit (ejer. 1997) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (3) Other Concepts/ Events (1) Statutory Modifications (1)
1999	Increase of Capital (1)
2000	Accounts deposit (ejer. 1998, 1999) Appointments/ Re-elections (1) Increase of Capital (2)
2001	Accounts deposit (ejer. 2000) Increase of Capital (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (1)
2003	Accounts deposit (ejer. 2002 consolidated, 2002) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (1) Capital Reduction (1)
2005	Accounts deposit (ejer. 2004 consolidated, 2004) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)
2006	Accounts deposit (ejer. 2005 consolidated, 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
2007	Accounts deposit (ejer. 2006 consolidated, 2006) Appointments/ Re-elections (2)
2008	Accounts deposit (ejer. 2007 consolidated, 2007) Appointments/ Re-elections (5)
2009	Appointments/ Re-elections (1)
2010	Accounts deposit (ejer. 2008 consolidated, 2009 consolidated, 2008, 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2012	Accounts deposit (ejer. 2010)
2013	Accounts deposit (ejer. 2010 consolidated, 2011 consolidated, 2011, 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2014	Accounts deposit (ejer. 2013)

Breakdown of Owners' Equity

Registered Capital:	18.030.000
Paid up capital:	18.030.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
06/08/1997	Company Formation	450.759	450.759	450.759	450.759
30/01/1998	Increase of Capital	225.380	225.380	676.139	676.139
19/02/1998	Increase of Capital	6.085.248	6.085.248	6.761.386	6.761.386
19/08/1998	Increase of Capital	2.253.795	2.253.795	9.015.182	9.015.182
10/06/1999	Increase of Capital	36.061	36.061	9.051.242	9.051.242
11/03/2000	Increase of Capital	36.061	36.061	9.087.303	9.087.303
27/09/2000	Increase of Capital	9.051.242	9.051.242	18.138.545	18.138.545
09/11/2001	Increase of Capital	36.061	36.061	18.174.606	18.174.606
08/01/2003	Increase of Capital	36.060	36.060	18.210.300	18.210.300
15/01/2005	Capital Reduction	-180.300	-180.300	18.030.000	18.030.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	DOMINGUEZ FERNANDEZ JOSEFINA	21/08/2013	14
MEMBER OF THE BOARD	DOMINGUEZ FERNANDEZ JOSEFINA	21/08/2013	14
	RODRIGUEZ VAZQUEZ HERMESINDA	21/08/2013	11
	DOMINGUEZ FERNANDEZ FRANCISCO JAVIER	21/08/2013	10
	HOUEL PATRICK	21/08/2013	3
	RODRIGUEZ PRIETO MARIA DEL CARMEN	21/08/2013	15
	RAMOS MENDEZ MANUEL	21/08/2013	10
	DOMINGUEZ RODRIGUEZ MARIA	21/08/2013	5
	BABECKI CAMPUZANO JULIO	21/08/2013	2
JOINT CHIEF EXECUTIVE OFFICER	DOMINGUEZ FERNANDEZ JOSEFINA	21/08/2013	14
	RODRIGUEZ PRIETO MARIA DEL CARMEN	21/08/2013	15
	DOMINGUEZ FERNANDEZ FRANCISCO JAVIER	21/08/2013	10
	RODRIGUEZ VAZQUEZ HERMESINDA	21/08/2013	11
	DOMINGUEZ RODRIGUEZ MARIA	21/08/2013	5
	RAMOS MENDEZ MANUEL	21/08/2013	10
PROXY	CASTRO PEREZ OSCAR	27/08/2008	2
	FERNANDEZ DOVAL SUSANA	22/02/2008	2
	CARBALLO MOURE SERAFINA	28/10/1998	1
SECRETARY	RODRIGUEZ PRIETO MARIA DEL CARMEN	21/08/2013	15
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	15/03/2013	14
CONSOLIDATED ACCOUNTS' AUDITOR	DELOITTE SL	15/03/2013	14

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	22/02/2002	2
	ACCOUNTS' AUDITOR / HOLDER	27/09/2003
BABECKI CAMPUZANO JULIO	MEMBER OF THE BOARD	21/08/2013	2
BORGEOT VINCENT	MEMBER OF THE BOARD	09/07/2010	2
	MEMBER OF THE BOARD	21/08/2008
CASTRO PEREZ OSCAR	PROXY	27/08/2008	2
DELOITTE & TOUCHE ESPAÑA SL	CONSOLIDATED ACCOUNTS' AUDITOR	02/12/2004	6
	ACCOUNTS' AUDITOR / HOLDER	02/12/2004
	ACCOUNTS' AUDITOR / HOLDER	02/11/2005
	CONSOLIDATED ACCOUNTS' AUDITOR	02/11/2005
	CONSOLIDATED ACCOUNTS' AUDITOR	23/10/2006
	ACCOUNTS' AUDITOR / HOLDER	23/10/2006
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	14/12/2007	4
	CONSOLIDATED ACCOUNTS' AUDITOR	14/12/2007
	ACCOUNTS' AUDITOR / HOLDER	21/08/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	21/08/2008
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	21/08/2008	14
	CONSOLIDATED ACCOUNTS' AUDITOR	21/08/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	14/12/2007
	ACCOUNTS' AUDITOR / HOLDER	14/12/2007
	CONSOLIDATED ACCOUNTS' AUDITOR	19/10/2009
	ACCOUNTS' AUDITOR / HOLDER	19/10/2009
	ACCOUNTS' AUDITOR / HOLDER	02/12/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	02/12/2010
	CONSOLIDATED ACCOUNTS' AUDITOR	25/01/2013
	ACCOUNTS' AUDITOR / HOLDER	25/01/2013
	ACCOUNTS' AUDITOR / HOLDER	15/03/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	15/03/2013
DOMINGUEZ FERNANDEZ FRANCISCO JAVIER	MEMBER OF THE BOARD	19/08/1998	10
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	MEMBER OF THE BOARD	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	MEMBER OF THE BOARD	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	MEMBER OF THE BOARD	21/08/2013
DOMINGUEZ FERNANDEZ JESUS	MEMBER OF THE BOARD	19/08/1998	6
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	16/03/2006
	JOINT CHIEF EXECUTIVE OFFICER	16/03/2006
DOMINGUEZ FERNANDEZ JOSEFINA	PRESIDENT	27/09/2003	14
	PRESIDENT	21/08/2008
	PRESIDENT	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	MEMBER OF THE BOARD	19/08/1998
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
	MEMBER OF THE BOARD	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
DOMINGUEZ RODRIGUEZ MARIA	MEMBER OF THE BOARD	21/08/2013	5
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	MEMBER OF THE BOARD	21/08/2008
FERNANDEZ DOVAL SUSANA	PROXY	22/02/2008	2
GIROUD BERNARD	MEMBER OF THE BOARD	21/07/2005	1
GREEF FREDDY DE	MEMBER OF THE BOARD	27/09/2003	1
HOUEL PATRICK	MEMBER OF THE BOARD	21/08/2013	3
	MEMBER OF THE BOARD	21/08/2008
RAMOS MENDEZ MANUEL	MEMBER OF THE BOARD	19/08/1998	10
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	MEMBER OF THE BOARD	21/08/2013
RODRIGUEZ PRIETO MARIA DEL CARMEN	MEMBER OF THE BOARD	21/08/2013	15
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
	SECRETARY	21/08/2008
	SECRETARY	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	MEMBER OF THE BOARD	21/08/2008
	MEMBER OF THE BOARD	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	SECRETARY	19/08/1998
	SECRETARY	27/09/2003
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	MEMBER OF THE BOARD	27/09/2003
RODRIGUEZ VAZQUEZ HERMESINDA	MEMBER OF THE BOARD	19/08/1998	11
	JOINT CHIEF EXECUTIVE OFFICER	19/08/1998
	PRESIDENT	19/08/1998
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2013
	MEMBER OF THE BOARD	21/08/2013
	JOINT CHIEF EXECUTIVE OFFICER	27/09/2003
	MEMBER OF THE BOARD	27/09/2003
	MEMBER OF THE BOARD	21/08/2008
	JOINT CHIEF EXECUTIVE OFFICER	21/08/2008
WESTLEY INTERNATIONAL SA	MEMBER OF THE BOARD	27/09/2003	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		ALFONSO EIRIN
CHAIRMAN		JOSEFINA DOMINGUEZ FERNANDEZ

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.155 %

> Latest Rating Changes :

Sector in which comparison is carried out : 141 Manufacture of wearing apparel, except fur apparel
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector SOCIEDAD TEXTIL LONIA SA. belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.155%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link List

IS RELATED WITH:	1 Entities
PARTICIPATES IN:	11 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	OTRAS PERSONAS FISICAS DE SOCIEDAD TEXTIL LONIA, S.A.		75
	SOFIDIV, S.A.		25
PARTICIPATES IN	SOCIEDAD TEXTIL LONIA CORP (EEUU)		100
	MONTEALEGRE CLUB DE GOLF SOCIEDAD ANONIMA	ORENSE	3
	SOCIEDAD TEXTIL LINIA SAS (FRANCIA)		100
	SOCIEDAD TEXTIL LONIA CHILE LTDA		100
	SOCIEDAD TEXTIL LONIA JAPAN KK		100
	SOCIEDAD TEXTIL LONIA KOREA, S.A.		100
	SOCIEDAD TEXTIL LONIA, SOCIEDAD ANONIMA, (GRAN BRETAÑA)		100
	SOCIEDAD TEXTIL LONIA, SOCIEDAD ANONIMA, DE CV (MEXICO)		100
	ST LONIATEXTIL LDA (PORTUGAL)		100
	SOCIEDAD TEXTIL LONIA SINGAPORE LTDA (SINGAPUR)		100
	TEXTIL LONIA TRADING (SHANGHAI), SOCIEDAD ANONIMA, (CHINA)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	CAROLINA HERRERA, S.A.

Turnover
Total Sales	253.930.404,43

Estimated Balance

2013 Non-current assets 63.470.300 Current assets173.757.968 Equity 164.479.030 Non-current liabilities 11.598.825 Current liabilities 61.150.414 Total assets and liabilities 237.228.268 2013 253.930.404 sales

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	April  2014
2012	Consolidadas	No publicado en BORME
2012	Normales	February  2013
2011	Consolidadas	January  2013
2011	Normales	February  2013
2010	Consolidadas	January  2013
2010	Normales	February  2012
2009	Consolidadas	October  2010
2009	Normales	October  2010
2008	Consolidadas	July  2010
2008	Normales	June  2010
2007	Consolidadas	October  2008
2007	Normales	October  2008
2006	Consolidadas	September  2007
2006	Normales	September  2007
2005	Consolidadas	September  2006
2005	Normales	September  2006
2004	Consolidadas	September  2005
2004	Normales	September  2005
2003	Normales	October  2004
2003	Normales	October  2004
2002	Consolidadas	October  2003
2002	Normales	October  2003
2001	Normales	September  2002
2000	Normales	October  2001
1999	Normales	September  2000
1998	Normales	January  2000
1997	Normales	August  1998

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 28/02/2013

>  Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	63.470.300,00	61.975.095,00	60.834.609,00	60.001.923,00	62.407.306,00
I. Intangible fixed assets : 11100	2.018.039,00	1.942.258,00	2.068.318,00	2.171.389,00	2.367.916,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	1.287.021,00	1.185.612,00	1.279.853,00	1.064.263,00	1.165.020,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	731.018,00	756.646,00	788.464,00	1.107.126,00	1.202.896,00
II. Tangible fixed assets : 11200	41.333.243,00	42.169.869,00	44.004.953,00	47.727.406,00	50.032.217,00
1. Land and buildings: 11210	9.232.917,00	9.493.265,00	9.754.327,00	8.409.308,00	8.595.097,00
2. Technical installations and other tangible fixed assets: 11220	32.100.326,00	32.676.603,00	34.250.625,00	39.050.537,00	41.437.120,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	267.561,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	15.965.770,00	15.144.873,00	12.408.641,00	8.544.522,00	8.502.660,00
1. Equity instruments: 11410	9.965.770,00	11.144.873,00	10.408.641,00	8.544.522,00	8.502.660,00
2. Credits to businesses: 11420	6.000.000,00	4.000.000,00	2.000.000,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	1.879.959,00	1.800.571,00	1.753.283,00	1.441.506,00	1.504.514,00
1. Equity instruments: 11510	60.102,00	60.102,00	60.102,00	60.102,00	60.102,00
2. Credits to third parties : 11520	0,00	0,00	0,00	24.000,00	51.637,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	1.819.857,00	1.740.469,00	1.693.181,00	1.357.403,00	1.392.774,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	2.273.289,00	917.524,00	599.415,00	117.101,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	173.757.968,00	145.427.803,00	144.429.332,00	107.656.269,00	101.023.705,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	82.268.561,00	68.515.260,00	45.272.834,00	43.560.715,00	50.439.270,00
1. Commercial: 12210	32.038.935,00	33.157.384,00	21.049.256,00	15.436.068,00	11.192.725,00
2. Primary material and other supplies: 12220	9.474.813,00	6.789.235,00	4.725.787,00	6.273.377,00	9.181.934,00
3. Work in progress: 12230	4.395.952,00	5.278.939,00	5.438.410,00	3.664.003,00	5.838.482,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	4.395.952,00	5.278.939,00	5.438.410,00	3.664.003,00	5.838.482,00
4. Finished goods: 12240	36.358.862,00	23.289.703,00	14.059.382,00	18.187.268,00	24.226.130,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	36.358.862,00	23.289.703,00	14.059.382,00	18.187.268,00	24.226.130,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	75.090.409,00	59.169.113,00	41.711.848,00	43.236.873,00	45.404.351,00
1. Trade debtors / accounts receivable: 12310	37.982.977,00	34.034.380,00	29.706.887,00	28.668.578,00	28.905.978,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	37.982.977,00	34.034.380,00	29.706.887,00	28.668.578,00	28.905.978,00
2. Customers, Group companies and associates : 12320	37.015.519,00	24.252.196,00	11.050.244,00	13.759.537,00	14.190.116,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	91.913,00	103.931,00	54.803,00	16.037,00	22.750,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	778.606,00	899.914,00	792.722,00	2.285.506,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	1.969.541,00	61.361,00	764.999,00	789.739,00	372.248,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	1.969.541,00	61.361,00	764.999,00	789.739,00	372.248,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	8.448.106,00	10.131.065,00	39.682.608,00	17.530.568,00	3.337.194,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	216.750,00	77.705,00	0,00	10.405,00	34.902,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	8.231.356,00	10.053.360,00	39.682.608,00	17.520.163,00	3.302.292,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	1.228.956,00	341.356,00	126.821,00	0,00	841.022,00
VII. Cash and other equivalent liquid assets : 12700	4.752.395,00	7.209.648,00	16.870.223,00	2.538.373,00	629.622,00
1. Treasury: 12710	4.752.395,00	7.209.648,00	16.870.223,00	2.538.373,00	629.622,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	237.228.268,00	207.402.898,00	205.263.941,00	167.658.192,00	163.431.012,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	164.479.030,00	128.457.847,00	121.043.326,00	94.821.512,00	89.348.546,00
A-1) Shareholders' equity: 21000	163.448.816,00	126.910.602,00	119.274.012,00	92.822.969,00	86.790.393,00
I. Capital: 21100	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00
1. Registered capital : 21110	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	300.506,00	300.506,00	300.506,00	300.506,00	300.506,00
III. Reserves: 21300	108.580.096,00	70.943.505,00	69.992.463,00	62.284.827,00	56.633.266,00
1. Legal y estatutarias: 21310	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00
2. Other reserves: 21320	104.974.096,00	67.337.505,00	66.386.463,00	58.678.827,00	53.027.266,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	36.538.215,00	37.636.590,00	30.951.042,00	22.197.636,00	11.826.621,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	-9.990.000,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	1.030.213,00	1.547.245,00	1.769.314,00	1.998.543,00	2.558.153,00
B) NON-CURRENT LIABILITIES: 31000	11.598.825,00	15.176.304,00	18.622.778,00	23.075.868,00	26.796.810,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	11.030.230,00	14.339.217,00	17.655.365,00	22.146.051,00	25.603.821,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	10.566.668,00	13.520.835,00	16.475.002,00	21.673.952,00	25.037.302,00
3. Creditors from financial leasing: 31230	7.160,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	456.401,00	818.382,00	1.180.363,00	472.099,00	566.519,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	441.520,00	663.105,00	746.185,00	855.689,00	1.099.694,00
V. Long-term accruals: 31500	127.075,00	173.982,00	221.228,00	74.129,00	93.295,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	61.150.414,00	63.768.746,00	65.597.837,00	49.760.811,00	47.285.655,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	14.632.363,00	18.895.082,00	22.892.712,00	15.375.892,00	13.461.705,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	11.185.497,00	5.497.255,00	20.156.053,00	3.491.976,00	10.331.030,00
3. Creditors from financial leasing: 32330	9.547,00	0,00	0,00	0,00	1.816,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	3.437.320,00	13.397.826,00	2.736.659,00	11.883.916,00	3.128.859,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	46.518.051,00	44.873.664,00	42.705.125,00	34.384.919,00	33.823.950,00
1. Suppliers: 32510	27.961.089,00	28.620.138,00	25.793.092,00	21.258.669,00	23.586.779,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	27.961.089,00	28.620.138,00	25.793.092,00	21.258.669,00	23.586.779,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	4.733.322,00	3.186.239,00	3.644.255,00	3.175.701,00	3.069.941,00
4. Personnel (remuneration due): 32540	2.257.680,00	2.273.077,00	2.346.471,00	2.194.561,00	2.302.615,00
5. Liabilities for current tax: 32550	9.261.369,00	8.592.438,00	9.031.304,00	5.785.965,00	3.248.671,00
6. Otras deudas con las Administraciones Públicas. : 32560	2.304.590,00	2.201.772,00	1.890.003,00	1.970.023,00	1.615.945,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	237.228.268,00	207.402.898,00	205.263.941,00	167.658.192,00	163.431.012,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	253.930.404,00	231.064.994,00	204.450.020,00	191.473.343,00	181.113.658,00
a) Sales: 40110	253.930.404,00	231.064.994,00	204.450.020,00	191.473.343,00	181.113.658,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	12.186.172,00	9.070.850,00	-2.353.479,00	-8.213.341,00	1.053.606,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-110.053.345,00	-92.255.939,00	-70.297.135,00	-68.052.564,00	-79.475.122,00
a) Stock consumption: 40410	-66.874.972,00	-49.762.686,00	-40.154.072,00	-40.482.799,00	-44.077.362,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-34.123.519,00	-34.830.573,00	-26.530.148,00	-18.984.606,00	-24.913.435,00
c) Works carried out by other companies: 40430	-9.054.855,00	-7.662.679,00	-3.612.916,00	-8.585.159,00	-10.484.325,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	1.994.382,00	798.405,00	857.981,00	914.364,00	941.822,00
a) Auxiliary income and other from current management: 40510	1.914.212,00	798.405,00	774.583,00	900.980,00	905.889,00
b) Operation subsidies included in the Period's result: 40520	80.170,00	0,00	83.398,00	13.384,00	35.933,00
6. Personnel costs: 40600	-50.128.841,00	-47.171.856,00	-43.358.429,00	-40.700.600,00	-43.691.924,00
a) Wages, salaries et al.: 40610	-40.098.433,00	-37.762.649,00	-34.418.647,00	-32.312.281,00	-34.729.143,00
b) Social security costs: 40620	-10.030.407,00	-9.409.207,00	-8.939.782,00	-8.388.319,00	-8.962.782,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-44.350.881,00	-38.346.849,00	-35.649.875,00	-32.903.093,00	-33.361.378,00
a) External services: 40710	-43.783.711,00	-37.994.240,00	-35.235.822,00	-32.581.131,00	-33.072.453,00
b) Taxes: 40720	-280.356,00	-352.609,00	-332.097,00	-321.962,00	-288.924,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-32.128,00	0,00	-81.955,00	0,00	0,00
d) Other current management expenditure : 40740	-254.686,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-11.378.390,00	-12.017.181,00	-12.348.134,00	-11.590.227,00	-8.930.606,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	214.697,00	317.241,00	335.394,00	273.225,00	473.310,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	258.572,00
11. Impairment and result of transfers of fixed assets: 41100	-101.714,00	88.696,00	-106.848,00	35.206,00	61.143,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-101.714,00	88.696,00	-106.848,00	35.206,00	61.143,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	52.312.485,00	51.548.362,00	41.529.495,00	31.236.312,00	18.443.080,00
14. Financial income : 41400	1.578.541,00	2.901.013,00	1.069.186,00	657.918,00	470.330,00
a) Of shares in equity instruments : 41410	1.578.541,00	2.901.013,00	1.069.186,00	657.918,00	470.330,00
a 1) In Group companies and associates: 41411	1.090.458,00	1.327.217,00	219.685,00	533.936,00	372.248,00
a 2) In third parties: 41412	488.083,00	1.573.796,00	849.500,00	123.982,00	98.083,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-651.298,00	-948.795,00	-1.204.759,00	-1.229.029,00	-1.371.755,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-651.298,00	-948.795,00	-1.204.759,00	-1.229.029,00	-1.371.755,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	35.765,00	-429.935,00	-189.562,00	176.879,00	-398.392,00
18. Impairment and result for transfers of financial instruments: 41800	-2.236.330,00	-420.823,00	1.859.119,00	41.861,00	-1.070.842,00
a) Impairment and losses : 41810	0,00	0,00	0,00	-243.401,00	-1.070.842,00
b) Results for transfers and other : 41820	-2.236.330,00	-420.823,00	1.859.119,00	285.262,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-1.273.322,00	1.101.460,00	1.533.985,00	-352.370,00	-2.370.659,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	51.039.162,00	52.649.822,00	43.063.479,00	30.883.941,00	16.072.421,00
20. Income taxes: 41900	-14.500.948,00	-15.013.232,00	-12.112.437,00	-8.686.305,00	-4.245.800,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	36.538.215,00	37.636.590,00	30.951.042,00	22.197.636,00	11.826.621,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	36.538.215,00	37.636.590,00	30.951.042,00	22.197.636,00	11.826.621,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	61.197.011,00	61.057.571,00	60.235.194,00	59.884.822,00	62.407.306,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	2.018.039,00	1.942.258,00	2.068.318,00	2.171.389,00	2.367.916,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	731.018,00	756.646,00	788.464,00	1.107.126,00	1.202.896,00
5. Software:	1.287.021,00	1.185.612,00	1.279.853,00	1.064.263,00	1.165.020,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	41.333.243,00	42.169.869,00	44.004.953,00	47.727.406,00	50.032.217,00
1. Land and construction:	9.232.917,00	9.493.265,00	9.754.327,00	8.409.308,00	8.595.097,00
2. Technical installations and machinery:	27.353.791,00	27.844.857,00	29.186.136,00	33.276.305,00	35.309.995,00
3. Other installations, tools and furniture:	2.386.653,00	2.429.499,00	2.546.527,00	2.903.399,00	3.080.841,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	267.561,00	0,00
5. Other tangible assets:	2.359.882,00	2.402.247,00	2.517.963,00	2.870.832,00	3.046.284,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	17.845.729,00	16.945.444,00	14.161.924,00	9.986.027,00	10.007.174,00
1. Equity investments in group companies:	9.965.770,00	11.144.873,00	10.408.641,00	8.544.522,00	8.502.660,00
2. Receivables from group companies:	6.000.000,00	4.000.000,00	2.000.000,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	60.102,00	60.102,00	60.102,00	60.102,00	60.102,00
6. Other receivables:	0,00	0,00	0,00	24.000,00	51.637,00
7. Long term guarantees and deposits:	1.819.857,00	1.740.469,00	1.693.181,00	1.357.403,00	1.392.774,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	176.031.257,00	146.345.326,00	145.028.747,00	107.773.370,00	101.023.705,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	82.268.561,00	68.515.260,00	45.272.834,00	43.560.715,00	50.439.270,00
1. Goods for resale:	32.038.935,00	33.157.384,00	21.049.256,00	15.436.068,00	11.192.725,00
2. Raw materials and other consumables:	9.474.813,00	6.789.235,00	4.725.787,00	6.273.377,00	9.181.934,00
3. Goods in process and semifinished ones:	4.395.952,00	5.278.939,00	5.438.410,00	3.664.003,00	5.838.482,00
4. Finished products:	36.358.862,00	23.289.703,00	14.059.382,00	18.187.268,00	24.226.130,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	77.363.698,00	60.086.637,00	42.311.262,00	43.353.974,00	45.404.351,00
1. Trade debtors / accounts receivable:	37.982.977,00	34.034.380,00	29.706.887,00	28.668.578,00	28.905.978,00
2. Accounts receivable, Group companies:	37.015.519,00	24.252.196,00	11.050.244,00	13.759.537,00	14.190.116,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	91.913,00	103.931,00	54.803,00	16.037,00	22.750,00
6. Public bodies:	2.273.289,00	1.696.130,00	1.499.329,00	909.822,00	2.285.506,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	10.417.646,00	10.192.425,00	40.447.607,00	18.320.308,00	3.709.441,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.969.541,00	61.361,00	764.999,00	789.739,00	372.248,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	216.750,00	77.705,00	0,00	10.405,00	34.902,00
7. Shor term guarantees and deposits:	8.231.356,00	10.053.360,00	39.682.608,00	17.520.163,00	3.302.292,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	4.752.395,00	7.209.648,00	16.870.223,00	2.538.373,00	629.622,00
VII. Prepayments and accrued income:	1.228.956,00	341.356,00	126.821,00	0,00	841.022,00
GENERAL TOTAL (A + B + C + D):	237.228.268,00	207.402.898,00	205.263.941,00	167.658.192,00	163.431.012,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	163.757.880,00	127.374.775,00	119.804.806,00	93.422.532,00	87.557.839,00
I. Subscribed capital:	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00	18.030.000,00
II. Share premium:	300.506,00	300.506,00	300.506,00	300.506,00	300.506,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	108.889.160,00	71.407.679,00	70.523.258,00	62.884.390,00	57.400.712,00
1. Legal reserve:	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00	3.606.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	105.283.160,00	67.801.679,00	66.917.258,00	59.278.390,00	53.794.712,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	36.538.215,00	37.636.590,00	30.951.042,00	22.197.636,00	11.826.621,00
VII. Interim dividend paid:	0,00	0,00	0,00	-9.990.000,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	721.149,00	1.083.072,00	1.238.520,00	1.398.980,00	1.790.707,00
1. Capital grants:	721.149,00	1.083.072,00	1.238.520,00	1.398.980,00	1.790.707,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	11.471.750,00	15.002.322,00	18.401.550,00	23.001.739,00	26.703.515,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	10.573.828,00	13.520.835,00	16.475.002,00	21.673.952,00	25.037.302,00
1. Loans and other liabilities:	10.566.668,00	13.520.835,00	16.475.002,00	21.673.952,00	25.037.302,00
2. Long-term liabilities from capital leases:	7.160,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	897.921,00	1.481.487,00	1.926.548,00	1.327.788,00	1.666.213,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	456.401,00	818.382,00	1.180.363,00	472.099,00	566.519,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	441.520,00	663.105,00	746.185,00	855.689,00	1.099.694,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	61.277.489,00	63.942.728,00	65.819.065,00	49.834.940,00	47.378.950,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	11.195.044,00	5.497.255,00	20.156.053,00	3.491.976,00	10.332.846,00
1. Loans and other liabilities:	11.185.497,00	5.497.255,00	20.156.053,00	3.491.976,00	10.331.030,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	9.547,00	0,00	0,00	0,00	1.816,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	32.694.411,00	31.806.377,00	29.437.346,00	24.434.371,00	26.656.720,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	32.694.411,00	31.806.377,00	29.437.346,00	24.434.371,00	26.656.720,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	17.260.959,00	26.465.114,00	16.004.437,00	21.834.464,00	10.296.089,00
1. Public bodies:	11.565.959,00	10.794.210,00	10.921.307,00	7.755.988,00	4.864.615,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	3.437.320,00	13.397.826,00	2.736.659,00	11.883.916,00	3.128.859,00
4. Wages and salaries payable:	2.257.680,00	2.273.077,00	2.346.471,00	2.194.561,00	2.302.615,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	127.075,00	173.982,00	221.228,00	74.129,00	93.295,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	237.228.268,00	207.402.898,00	205.263.941,00	167.658.192,00	163.431.012,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	233.401.747,00	206.604.609,00	177.620.657,00	171.618.560,00	172.545.820,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	2.353.479,00	8.213.341,00	0,00
A.2. Supplies:	110.053.345,00	92.255.939,00	70.297.135,00	68.052.564,00	79.475.122,00
a) Stock consumption:	66.874.972,00	49.762.686,00	40.154.072,00	40.482.799,00	44.077.362,00
b) Consumption of raw materials and miscellaneous consumable ones:	34.123.519,00	34.830.573,00	26.530.148,00	18.984.606,00	24.913.435,00
c) Miscellaneous external expenditure:	9.054.855,00	7.662.679,00	3.612.916,00	8.585.159,00	10.484.325,00
A.3. Staff costs:	50.128.841,00	47.171.856,00	43.358.429,00	40.700.600,00	43.691.924,00
a) Wages, salaries et al.:	40.098.433,00	37.762.649,00	34.418.647,00	32.312.281,00	34.729.143,00
b) Social security costs:	10.030.407,00	9.409.207,00	8.939.782,00	8.388.319,00	8.962.782,00
A.4. Depreciation expense:	11.378.390,00	12.017.181,00	12.348.134,00	11.590.227,00	8.930.606,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	32.128,00	0,00	81.955,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	32.128,00	0,00	81.955,00	0,00	0,00
A.6. Other operating charges:	44.318.753,00	38.346.849,00	35.567.920,00	32.903.093,00	33.361.378,00
a) External services:	43.783.711,00	37.994.240,00	35.235.822,00	32.581.131,00	33.072.453,00
b) Taxes:	280.356,00	352.609,00	332.097,00	321.962,00	288.924,00
c) Other operating expenses:	254.686,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	52.199.501,00	51.142.425,00	41.300.949,00	30.927.881,00	17.908.628,00
A.7. Financial and similar charges:	2.887.628,00	1.369.618,00	1.204.759,00	1.229.029,00	1.371.755,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	651.298,00	948.795,00	1.204.759,00	1.229.029,00	1.371.755,00
d) Losses from financial investments:	2.236.330,00	420.823,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	429.935,00	189.562,00	0,00	398.392,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	1.101.460,00	1.533.985,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	50.926.179,00	52.243.885,00	42.834.933,00	30.818.912,00	16.608.810,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	243.401,00	1.070.842,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	101.714,00	0,00	106.848,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	112.983,00	405.937,00	228.546,00	65.029,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	51.039.162,00	52.649.822,00	43.063.479,00	30.883.941,00	16.072.421,00
A.15. Corporation tax:	14.500.948,00	15.013.232,00	12.112.437,00	8.686.305,00	4.245.800,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	36.538.215,00	37.636.590,00	30.951.042,00	22.197.636,00	11.826.621,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	269.939.961,00	244.241.199,00	208.571.699,00	193.816.196,00	184.372.441,00
B.1. Net total sales:	253.930.404,00	231.064.994,00	204.450.020,00	191.473.343,00	181.113.658,00
a) Sales:	253.930.404,00	231.064.994,00	204.450.020,00	191.473.343,00	181.113.658,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	12.186.172,00	9.070.850,00	0,00	0,00	1.053.606,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	1.994.382,00	798.405,00	857.981,00	914.364,00	1.200.394,00
a) Auxiliary income and other from current management:	1.914.212,00	798.405,00	774.583,00	900.980,00	905.889,00
b) Grants:	80.170,00	0,00	83.398,00	13.384,00	35.933,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	258.572,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	1.578.541,00	2.901.013,00	1.069.186,00	657.918,00	470.330,00
a) In companies of the group:	1.090.458,00	1.327.217,00	219.685,00	533.936,00	372.248,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	488.083,00	1.573.796,00	849.500,00	123.982,00	98.083,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	0,00	0,00	1.859.119,00	285.262,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	0,00	0,00	1.859.119,00	285.262,00	0,00
B.8. Exchange positive differences:	35.765,00	0,00	0,00	176.879,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	1.273.322,00	0,00	0,00	108.969,00	1.299.817,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	88.696,00	0,00	35.206,00	61.143,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	214.697,00	317.241,00	335.394,00	273.225,00	473.310,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	536.389,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	51.039.164,00	52.649.822,00	43.063.479,00	30.883.941,00	16.072.421,00
2. Results adjustments.: 61200	12.046.938,00	10.517.706,00	10.667.560,00	11.634.167,00	10.109.843,00
a) Fixed Assets Amortization (+).: 61201	11.378.390,00	12.017.180,00	12.348.135,00	11.590.227,00	8.930.605,00
b) Obsolescence Allowances (+/-). : 61202	2.236.330,00	0,00	0,00	0,00	0,00
c) Variation in Provision (+/-). : 61203	32.128,00	420.823,00	-1.777.164,00	-41.861,00	812.267,00
d) Allocation of grants (-).: 61204	-214.696,00	-309.318,00	-335.393,00	-273.224,00	-473.312,00
e) Results on disposal of fixed assets (+/-). : 61205	101.714,00	-88.696,00	106.848,00	-35.206,00	-61.143,00
g) Financial income (-).: 61207	-1.578.541,00	-2.901.013,00	-1.069.185,00	-657.918,00	-470.329,00
h) Financial Expenses (+). : 61208	651.298,00	948.796,00	1.204.758,00	1.229.029,00	1.371.755,00
i) Exchange differences (+/-). : 61209	-35.765,00	429.934,00	189.561,00	-176.880,00	0,00
k) Other income and expense (-/+). : 61211	-523.920,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-31.095.010,00	-37.850.502,00	6.238.156,00	-10.239.205,00	-10.493.757,00
a) Stock (+/-).: 61301	-13.753.301,00	-23.242.426,00	-1.712.119,00	6.878.555,00	-3.217.286,00
d) Debtors and other accounts receivable (+/-). : 61302	-15.953.530,00	-17.457.261,00	1.790.460,00	-684.822,00	-11.306.444,00
c) Other current assets (+/-). : 61303	-887.600,00	-214.535,00	-126.821,00	-13.352.355,00	-3.461.353,00
d) Creditors and other accounts payable (+/-). : 61304	-374.283,00	3.110.966,00	6.139.537,00	-3.143.711,00	7.491.326,00
f) Other non-current assets and liabilities (+/-).: 61306	-126.296,00	-47.246,00	147.099,00	63.128,00	0,00
4. Other cash flows for operating activities.: 61400	-14.415.573,00	-13.760.506,00	-9.932.080,00	-6.915.047,00	-2.406.165,00
a) Interest payments (-). : 61401	-627.325,00	-934.903,00	-1.222.036,00	-1.302.681,00	-1.216.550,00
c) Interest collection (+). : 61403	1.399.534,00	2.932.511,00	990.099,00	657.918,00	98.081,00
d) Income tax payment collection (payments) (+/-).: 61404	-15.187.782,00	-15.758.114,00	-9.700.143,00	-6.270.284,00	-1.287.696,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	17.575.519,00	11.556.520,00	50.037.115,00	25.363.856,00	13.282.342,00
6. Payments for investment (-).: 62100	-38.799.520,00	-23.449.558,00	-117.772.688,00	-9.546.002,00	-17.830.824,00
a) Companies of the group and affiliates. : 62101	-4.965.406,00	-3.157.056,00	-2.162.935,00	-417.491,00	0,00
b) Intangible fixed assets. : 62102	-845.713,00	-639.713,00	-761.340,00	-663.814,00	-1.003.193,00
c) Fixed assets. : 62103	-10.123.452,00	-8.571.371,00	-7.574.138,00	-8.464.697,00	-16.496.700,00
e) Other financial assets. : 62105	-22.864.949,00	-11.081.418,00	-107.274.275,00	0,00	-330.931,00
7. Divestment payment collection (+). : 62200	24.976.918,00	41.348.597,00	85.026.077,00	74.831,00	79.143,00
c) Fixed assets. : 62203	249.903,00	90.784,00	32.942,00	74.831,00	61.143,00
e) Other financial assets. : 62205	24.727.015,00	40.631.880,00	84.810.460,00	0,00	18.000,00
h) Other assets. : 62208	0,00	625.933,00	182.675,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-13.822.602,00	17.899.039,00	-32.746.611,00	-9.471.171,00	-17.751.681,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	766.634,00	561.437,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	2.715.076,00
e) Grants, donations and bequests received (+). : 63105	0,00	0,00	0,00	766.634,00	561.437,00
10. Payment collection and payments for financial liabilities instruments.: 63200	2.364.829,00	-17.691.134,00	11.531.347,00	-10.130.568,00	4.780.470,00
a) Issuance : 63201	2.364.829,00	-17.691.134,00	11.531.347,00	0,00	7.500.000,00
1. Debentures and other negotiable securities (+). : 63202	2.364.829,00	-17.691.134,00	11.531.347,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	0,00	0,00	0,00	7.500.000,00
b) Repayment and amortization of : 63207	0,00	0,00	0,00	-10.130.568,00	-2.719.530,00
1. Debentures and other negotiable securities (-). : 63208	0,00	0,00	0,00	-10.130.568,00	0,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	0,00	-2.719.530,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-8.575.000,00	-2.105.000,00	-14.490.000,00	-4.620.000,00	-1.680.000,00
a) Dividends (-).: 63301	-8.575.000,00	-2.105.000,00	-14.490.000,00	-4.620.000,00	-1.680.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-6.210.171,00	-19.796.134,00	-2.958.653,00	-13.983.934,00	3.661.907,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-2.457.254,00	9.659.425,00	14.331.851,00	1.908.751,00	-807.432,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	7.209.648,00	16.870.223,00	2.538.372,00	629.622,00	1.437.054,00
Cash or equivalent assets as of end of the fiscal year.: 65200	4.752.394,00	26.529.648,00	16.870.223,00	2.538.373,00	629.622,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,01 %	0,09 %	-0,04 %	0,01 %	76,85 %	969,81 %
EBITDA over Sales:	25,04 %	12,33 %	27,33 %	9,20 %	-8,40 %	34,10 %
Cash Flow Yield:	-0,01 %	0,04 %	-0,05 %	0,00 %	77,76 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	25,03 %	6,54 %	28,60 %	5,21 %	-12,46 %	25,48 %
Total economic profitability:	21,79 %	3,35 %	25,84 %	2,52 %	-15,68 %	32,75 %
Financial profitability:	22,35 %	3,61 %	29,66 %	1,40 %	-24,62 %	157,04 %
Margin:	20,44 %	6,10 %	22,23 %	4,81 %	-8,06 %	26,82 %
Mark-up:	19,94 %	3,60 %	22,71 %	1,68 %	-12,17 %	114,62 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,08	0,20	0,11	0,12	-31,22	70,66
Acid Test:	1,47	0,80	1,20	0,87	23,00	-8,75
Working Capital / Investment:	0,47	0,00	0,39	0,03	20,56	-112,20
Solvency:	2,87	1,13	2,29	1,19	25,52	-5,42

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,44	1,60	0,61	1,64	-28,03	-2,73
Borrowing Composition:	0,19	1,57	0,23	1,02	-20,21	53,12
Repayment Ability:	-29,61	13,79	-8,17	145,40	-262,29	-90,52
Warranty:	3,26	1,63	2,63	1,62	24,12	0,91
Generated resources / Total creditors:	0,69	0,09	0,63	0,07	8,69	32,56

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,27	2,12	2,34	1,72	-3,02	23,14
Turnover of Collection Rights :	3,41	6,60	3,92	4,79	-13,03	37,75
Turnover of Payment Entitlements:	3,58	3,96	3,11	3,53	15,06	12,27
Stock rotation:	2,48	10,12	2,64	6,64	-6,12	52,37
Assets turnover:	1,22	1,07	1,29	1,08	-4,78	-1,06
Borrowing Cost:	0,90	3,03	1,20	2,94	-25,51	3,09

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	-0,01 %	-0,04 %	0,07 %	0,01 %	0,00 %
EBITDA over Sales:	25,04 %	27,33 %	26,24 %	22,21 %	14,68 %
Cash Flow Yield:	-0,01 %	-0,05 %	0,07 %	0,01 %	0,00 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	25,03 %	28,60 %	27,57 %	22,42 %	12,32 %
Total economic profitability:	21,79 %	25,84 %	21,57 %	19,15 %	10,67 %
Financial profitability:	22,35 %	29,66 %	25,95 %	23,91 %	13,63 %
Margin:	20,44 %	22,23 %	20,23 %	16,24 %	10,13 %
Mark-up:	19,94 %	22,71 %	20,98 %	16,05 %	8,83 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,08	0,11	0,26	0,05	0,01
Acid Test:	1,47	1,20	1,50	1,29	1,05
Working Capital / Investment:	0,47	0,39	0,38	0,35	0,33
Solvency:	2,87	2,29	2,20	2,16	2,13

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	0,44	0,61	0,70	0,77	0,83
Borrowing Composition:	0,19	0,23	0,28	0,46	0,56
Repayment Ability:	-29,61	-8,17	5,88	38,16	-91,75
Warranty:	3,26	2,63	2,44	2,30	2,21
Generated resources / Total creditors:	0,69	0,63	0,49	0,46	0,29

Efficiency	2013	2012	2011	2010	2009
Productivity:	2,27	2,34	2,24	2,04	1,61
Turnover of Collection Rights :	3,41	3,92	4,92	4,45	4,01
Turnover of Payment Entitlements:	3,58	3,11	2,43	2,70	3,37
Stock rotation:	2,48	2,64	3,62	3,71	3,26
Assets turnover:	1,22	1,29	1,36	1,38	1,22
Borrowing Cost:	0,90	1,20	1,43	1,69	1,85

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	El importe imputado a resultados es de 16.201 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	2.285.258,00

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	El importe imputado a resultados es de 104.762 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.301.253,00

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	El importe imputado a resultados es de 8.424 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.251.622,00

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Status	CONCEDIDA
Amount Granted	795.684,00
Notes	El importe imputado a resultados es de 81.186 euros.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	795.684,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	778.606,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	778.606,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	183.070,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	183.070,00

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Status	CONCEDIDA
Amount Granted	115.542,00

Entity	CONSELLERIA DE INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	115.542,00

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	El importe imputado a resultados es de 4.123 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA (IGAPE, XUNTA DE GALICIA)
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	46.615,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	Se ha traspasado a resultados del ejercicio 18.593 euros, quedando a fecha de cierre pendiente de imputar 296.289 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	Se ha traspasado a resultados del ejercicio 121.587 euros, quedando a fecha de cierre pendiente de imputar 731.444 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	Se ha traspasado a resultados del ejercicio 11.721 euros, quedando a fecha de cierre pendiente de imputar 174.275 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	795.684,00
Notes	Se ha traspasado a resultados del ejercicio 81.186 euros, quedando a fecha de cierre pendiente de imputar 299.590 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	778.606,00
Notes	Se ha traspasado a resultados del ejercicio 66.538 euros, quedando a fecha de cierre pendiente de imputar 445.924 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	183.070,00
Notes	Se ha traspasado a resultados del ejercicio 21.969 euros, quedando a fecha de cierre pendiente de imputar 23.067 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	Se ha traspasado a resultados del ejercicio 12.302 euros, quedando a fecha de cierre pendiente de imputar 15.632 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	Se ha traspasado a resultados del ejercicio 9.046 euros, quedando a fecha de cierre pendiente de imputar 2.280 euros.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	Se ha traspasado a resultados del ejercicio 4.123 euros, quedando a fecha de cierre pendiente de imputar 10.042 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	El importe traspasado a resultados durante el ejercicio es de 121.587 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	El importe traspasado a resultados durante el ejercicio es de 20.145 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	795.684,00
Notes	El importe traspasado a resultados durante el ejercicio es de 115.611 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	526.219,00
Notes	El importe traspasado a resultados durante el ejercicio es de 63.292 euros.

Entity	CONSELLERIA DE INNOVACION, INDUSTRIA E COMERCIO, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	El importe traspasado a resultados durante el ejercicio es de 12.447 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	El importe traspasado a resultados durante el ejercicio es de 9.046 euros.

Entity	IGAPE, XUNTA DE GALICIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	El importe traspasado a resultados durante el ejercicio es de 7.037 euros.

Entity	MINISTERIO DE ECONOMIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	7.786.061,00
Notes	Subvención concedida el 16/05/2006. El importe está pendiente de imputación.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.301.253,00
Notes	Subvención concedida el 06/04/2006. El importe está pendiente de imputación.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	Subvención concedida el 27/07/1998. El importe imputado a resultados es de 84.645 euros quedando pendiente de imputar 365.476 euros.

Entity	CONSELLERIA DE INNOVACION E INDUSTRIA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	129.886,00
Notes	Subvención concedida el 17/11/2006. El importe imputado a resultados es de 34.750 euros quedando pendiente de imputar 95.136 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	Subvención concedida el 12/12/2001. El importe imputado a resultados es de 9.046 euros quedando pendiente de imputar 30.394 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	Subvención concedida el 17/03/2005. El importe imputado a resultados es de 7.037 euros quedando pendiente de imputar 32.541 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	Subvención concedida el 27/07/1998. El importe imputado a resultados es de 84.645 euros quedando pendiente de imputar 450.121 euros.

Entity	CONSELLERIA DE INDUSTRIA E COMERCIO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	Subvención concedida el 16/05/2003. El importe imputado a resultados es de 15.273 euros quedando pendiente de imputar 76.698 euros.

Entity	INSTITUTO GALEGO DE PROMOCION ECONOMICA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	46.615,00
Notes	Subvención concedida el 17/03/2005. El importe imputado a resultados es de 7.037 euros quedando pendiente de imputar 39.578 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	INVERSIONES EN INMOVILIZACIONES MATERIALES.
Status	CONCEDIDA
Amount Granted	2.285.258,00
Notes	CONCEDIDA EL 19/11/1998.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	INVERSION EN INMOVILIZACIONES MATERIALES
Status	CONCEDIDA
Amount Granted	1.251.622,00
Notes	CONCEDIDA EL 27/7/1998.

Entity	CONSERJERIA DE INDUSTRIA Y COMERCIO
Subsidy Concept	INNOVACION TECNOLOGICA.
Status	CONCEDIDA
Amount Granted	587.141,00
Notes	CONCEDIDA EL 23/6/1998.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	INVERSION EN INMOVILIZACION MATERIALES.
Status	CONCEDIDA
Amount Granted	183.071,00
Notes	CONCEDIDA EL 07/4/2003.

Entity	CONSERJERIA DE INDUSTRIA Y COMERCIO
Subsidy Concept	INVERSION EN INMOVILIZACION MATERIALES.
Status	CONCEDIDA
Amount Granted	115.542,00
Notes	CONCEDIDA 16/05/2003.

Entity	INSTITUTO GALLEGO DE PROMOCION ECONOMICA
Subsidy Concept	INVERSION EN INMOVILIZACION MATERIALES.
Status	CONCEDIDA
Amount Granted	75.383,00
Notes	CONCEDIDA EL 12/12/2001

Research Summary

Company constituted in June 1997, dedicated to design, manufacture and sale of textile products and accessories in general. There are 1,828 employees in charge of the company together with the holder. It has 78 stores. We consider that it can be related in usual lending operations.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.